Crypto startup Polkadot (DOT), created by Ethereum (ETH) co-founder Gavin Wood, is planning an initial coin offering (ICO) aiming to raise up to $60 million, the Wall Street Journal (WSJ) reported Jan. 24.
Citing sources familiar with the matter, the WSJ reports that, if successful, Polkadot’s token sale would bring the fully-diluted market value — or the value all tokens in circulation, plus as those not issued — of its tokens to $1.2 billion.
Developed by Swiss Web3 Foundation and Parity Technologies, Polkadot reportedly aims to solve issues with blockchain interoperability. Namely, the tech is designed to increase the compatibility between different blockchains, such as Bitcoin’s (BTC), and networks of other decentralized crypto platforms.
Web3 Foundation’s director Ryan Zurrer, who is also a partner at Polychain Capital, claimed that Polkadot’s tech is set to launch in the third quarter of 2019.
Previously, Polkadot raised about $144 million in its first token sale in October 2017, with key investors including Boost VC, Pantera Capital and Polychain Capital, as the WSJ reports.
In December, Cointelegraph reported that a research and development lab at crypto startup TenX has tested the use of its cross-blockchain interoperability protocol to transfer ERC20 tokens for Bitcoin using the Lightning Network.
As reported earlier this week, India’s Institute for Development and Research in Banking Technology issued a blueprint on blockchain implementation in the banking system, focusing on the aspect of connecting major industry players and banks by building an interoperable blockchain platform.